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Gold and Oil Continued to Trade Up –Recap February 22

February 23, 2012

Many commodities prices continued yesterday their upward trend but at a slower pace than they have had on Tuesday: crude oil prices moderately increased; gold price also rose, while silver slightly declined; natural gas future price also rose yesterday. The Euro slightly appreciated against the US Dollar while other major currencies (Aussie dollar) depreciated again against the U.S dollar. Here is a summary of the developments of precious metals and energy commodities for February 22nd, 2012:

Precious Metals:

Gold price increased again on Wednesday by 0.11% to $1,771.3; Silver price on the other hand slightly fell by 0.5% and reached $34.33. During February, gold increased by 1.8% and silver by 3.2%.

The Euro/USD slightly rose by 0.11% to 1.3249; alternatively, the U.S Dollar appreciated against many exchange rates including the Aussie dollar.

Oil and Gas:

WTI price also slightlyincreased by 0.09% to $105.93 per barrel; Brent oil rose by 0.68% to $123.43 per barrel;

Due to these changes, the difference between Brent and WTI oil prices increased to $17.50/bbl. During the month, WTI rose by 7.6% and Brent by 11.3%.

The Henry Hub future price (March delivery) bounced back and rose by 0.76% to $2.65/mmbtu; the Henry Hub fell to $2.60/mmbtu; the difference between the spot and future reached $0.05/mmbtu, i.e. Contango.